Home Blogs Category: Tax and Life Changes

Category: Tax and Life Changes

Life changes and your taxes go hand in hand; believe it or not. That being said, it’s easy to forget about your tax return as a newlywed or when you’re welcoming a newborn into the family. Be aware that many of these changes also make you eligible for deductions and credits on your tax return. In some cases, you may need to update your W-4 form as well. PriorTax will keep you up to date on what to do when these life changes occur. You won’t be left in the dark.

Check back here for answers to your questions about how these changes affect your taxes.

 

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What’s New for the 2020 Tax Year?
Manisha Hansraj
Jan 15, 2021

What’s New for the 2020 Tax Year?

Here’s the breakdown of all the changes. Standard deduction For the 2020 tax year, the standard deduction amounts have increased. Here are the amounts below. Single or Married filing separately – $12,400 Married filing jointly and Qualifying widow(er) – $24,800 Head of Household – $18,650 For taxpayers who are blind or at least 65 years […]

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What is Form 1099-NEC?
Manisha Hansraj
Jan 11, 2021

What is Form 1099-NEC?

For the 2020 tax year, there’s a new income statement. The IRS has introduced a new form called Form 1099-NEC. Whether you’re well versed in reporting your taxes or not, this may be confusing. Typically, your self employment income is reported on box 7 of your 1099-MISC statement. For the 2020 tax year it is […]

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Understanding Joe Biden’s Tax Plan
Manisha Hansraj
Dec 18, 2020

Understanding Joe Biden’s Tax Plan

Many Americans want to know how our future president’s tax plan will affect them. Biden’s tax plan will affect wealthier Americans, corporations, and everyday individual taxpayers. He also plans on making significant tax revisions on Trump’s previous tax plan which took place in 2017. Skip the tax jargon by taking a look at this quick […]

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How does the Coronavirus Stimulus Check Work? (FAQ’s)
Manisha Hansraj
Apr 7, 2020

How does the Coronavirus Stimulus Check Work? (FAQ’s)

The IRS has approved an economic stimulus package due to the spread of the Coronavirus (COVID-19). A $2 trillion economic plan was passed by the Senate to combat the affects of COVID-19 on Americans. This stimulus plan includes payments to individuals, the self-employed, unemployment coverage, and more. Here are some common questions about the coronavirus […]

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How to File Your 2019 Taxes
Manisha Hansraj
Jan 13, 2020

How to File Your 2019 Taxes

The 2020 tax season starts on January 27, 2020. January kicks off the new year and with a new year, comes a new tax season. Get a fresh start by finding out the new tax changes for your 2019 tax return. Additionally, check out some tax reminders below. Tax dates to remember It’s important to […]

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Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction
Manisha Hansraj
Jan 3, 2020

Tax Deductions: Choosing to Itemize or Claiming the Standard Deduction

Trying to understand anything tax related makes you feel like you’re back in grade school. However, it doesn’t have to be difficult. Here’s some sure-fire information that may help you out if you’re a first time filer, or if you have some general questions about claiming tax deductions. What’s the difference between claiming the standard […]

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10 Reasons to File Your Prior Year Tax Return Now
Manisha Hansraj
Dec 3, 2019

10 Reasons to File Your Prior Year Tax Return Now

It’s not too late to file your taxes. Life is never put on hold, even for tax season. Before you know it, the April and even October deadline fly right by. Then, you forget to file it next tax season and then the season after that. However, although the deadlines go by, you should still […]

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Did You Miss The 2018 Tax Deadline?
Manisha Hansraj
Oct 14, 2019

Did You Miss The 2018 Tax Deadline?

Time waits for no one, especially the tax season. With the year ending soon, another tax season is on the way. If you’re stuck trying to figure out what the next steps are for the missed 2018 tax deadline, keep reading. Can you still e-file your 2018 tax return? Although April 15, 2019, was the […]

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How Your Taxes Will Change in 2020
Manisha Hansraj
Sep 11, 2019

How Your Taxes Will Change in 2020

It’s almost time for another tax season! Believe it or not, the 2020 tax season begins January 27, 2020. The worst feeling is scrambling last-minute to find your tax documents. Why not put your mind at ease by going over information you need to know to file your 2019 taxes? Here are the tax changes […]

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7 Important Life Changes That Impact Your Taxes
Manisha Hansraj
Aug 6, 2019

7 Important Life Changes That Impact Your Taxes

With life, situations change and they come with certain tax implications. One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well. Here are some examples. 1. Tying the knot Getting married is a big step in everyone’s lives. Along […]

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